EUROPEAN COURT OF JUSTICE ON INSIDER DEALING

Market Abuse Directive defines insider dealing objectively

The European Court of Justice, in its decision dated 23 December 2009 (Case C‑45/08; Spector Photo Group NV and Chris Van Raemdonck versus Commissie voor het Bank-, Financie- en Assurantiewezen (CBFA)), has clarified the elements of insider dealing following a request from the Court of Appeal of Brussels.

The European Court of Justice was to interpret the expression ‘use of inside information’ in Article 2(1) of EU Directive 2003/6 (the Market Abuse Directive or MAD). That provision provides that the Member States are to prohibit any person referred to in …
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30
Jan 2010
CATEGORY

Finance

COMMENTS No Comments

LECTURE ON GOOD CORPORATE GOVERNANCE

BZSE law office on Sint Maarten celebrates merger

On October 2, 2009 BZSE law firm (BergmanZwanikkenSnowEssed) celebrated the merger of Bergman and ZwanikkenSnowEssed law offices and the official opening of their new offices in Belair (St. Maarten) with a lecture on good corporate governance. I was the keynote speaker and delivered my presentation in the Dutch language (click here for the presentation or click here for The Daily Herald’s coverage of the event).

I argued that government-companies should be left out of the political sphere as much as possible, so they can …
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05
Oct 2009
CATEGORY

Corporate

COMMENTS No Comments

THE DUTCH SUPERVISION ON TRUST COMPANIES (IV)

Identity of ultimate beneficiary must be known

According to the Order on Sound Operational Management (the Order)(‘Regeling integere bedrijfsvoering Wet toezicht trustkantoren’) pursuant to the ASTO, a trust office shall know the identity of the ultimate beneficial owner (‘UBO’) of an object company and keep the evidence used to determine who qualifies as the ultimate beneficial owner and from which the identity of the ultimate beneficial owner has been established, available (Article 12 (1) of the Order).

The trust office shall keep a client acceptance file for every object company, for every sale of a legal entity, and for each …
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06
Sep 2008
CATEGORY

Legal

COMMENTS No Comments

THE DUTCH SUPERVISION ON TRUST COMPANIES (III)

Policy rule on integrity testing

The integrity of those having a certain interest in, or control over, a trust office (such as managers, supervisory directors and persons who determine or help determine policy) will be tested and their antecedents investigated (Article 3 of the Dutch Act on the Supervision of Trust Offices; ‘ASTO’). The test is set out in detail in the Policy Rule on Integrity Testing, which contains rules regarding the testing of the integrity of persons who (co-)determine, or are to be appointed to (co-)determine, the policy of supervised institutions, and of holders and prospective holders of qualifying …
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02
Sep 2008
CATEGORY

Legal

COMMENTS No Comments